Hydrogen Group announces secondary placing of director and founder shares

Hydrogen Group announces secondary placing of director and founder shares

Hydrogen Group plc recently announced the secondary placing ("Secondary Placing") of ordinary shares of 1 pence each in the Company ("Shares") by certain directors and founder shareholders ("Selling Shareholders").

A total of 4,208,333 Shares have today been placed at a price of 120 pence per Share with institutional clients of Oriel Securities Limited, who managed the Secondary Placing. The number of Shares sold by each Selling Shareholder, their resultant holding and the related percentage of issued share capital ("ISC") is detailed in the table below.

Selling Shareholder

No. of Share sold

New holding

% of ISC

Ian Temple (Executive Chairman)

1,000,000

4,090,259

17.5%

Tim Smeaton (Chief Executive)

1,000,000

2,760,134

11.8%

Dan Church (Head of Client Services)

125,000

1,329,014

5.7%

Chris Cole

1,083,333

2,724,496

11.6%

Charles Marshall

1,000,000

1,682,245

7.2%

Following the sale of the above Shares the Selling Shareholders have entered into an agreement not to sell further Shares for a period of 12 months following the date of the Secondary Placing, other than via Oriel Securities Limited, under an orderly market agreement.

Commenting on the Secondary Placing, Ian Temple, Executive Chairman, said:
"We are very pleased with the level of demand from new and existing institutional investors and the number of new shareholders this brings to our share register. We expect the increase in free float following the Secondary Placing will provide additional liquidity to shareholders, which should help the Company achieve its goals ".